Hi,
This is for tax year 2020. I have TT Home & Business (desktop version)
We are husband & wife in California - We formed an LLC last year (2020) which is treated as a single member LLC for tax purposes (50% each stake) for a condo that we rent in California.
I tried going thru the steps described here to generate TWO schedule C's - one or me and another for my wife - by dividing the expenses and profits from the LLC business by half each. I called the two business with a (1) and and (2) suffix at the end of the LLC name.
The above seemed to work just fine until I had to generate the CA 568 form when doing California taxes.
First question: Do I say that these two are INDEPENDENT businesses? Or should I say they are related somehow? This question applies to the Federal portion of the TT Home and Business.
Second question: When I generate the California taxes, I was hoping that I could "combine" the two businesses for generating the CA 568 form.
There does not seem to be any way to do this? How can I select multiple businesses as part of the single member LLC (for tax purposes)?
I don't want to generate two CA 568 forms obviously - We only have one EIN for the LLC.
Thanks,
